A Research On The Efficiency Of Corporate Governance Based On Rights Changes Over Time System

With the recent corporate governance problems in various emerging Chinese companies,due to poor governance leads to situations when corporate bankruptcy have occurred,whether on their own or at the national level are also increasingly concerned about the level of theory and institutional corporate governance,especially for Chinese state-owned enterprises,in the corporate governance problem is more serious,the recent Premier Li Keqiang held a State Council executive meeting,proposed a number of restructuring state-owned enterprises will be shut down or go bankrupt,do not meet national standards"zombie companies" in clean up disposal of these companies are due to the large proportion of corporate governance irregularities caused.Corporate governance theory originated abroad,first proposed and studied,and the corresponding theoretical results obtained from the relevant foreign scholars,but the Western corporate governance theory can not fully apply to Chinese companies do not fully comply with Chinese context,on the other hand China on Corporate Governance aspects of research started late,there is a lack of research results,thereby making theory of corporate governance has lagged far behind the development of China's specific practice.Rights on the corporate governance system to study the time-sharing system and the efficiency of corporate governance relations in the past few literature,previous research perspective focused on two aspects:First,existing Chinese enterprises on corporate governance Perspective study for the governance of the existence of the business,the second is to study corporate governance in terms of ownership structure,board structure,corporate executives,these studies perspective both state-owned enterprises are also private enterprises.The power sharing system for research in corporate governance close gaps,from time to study this dimension of corporate governance situation of power distribution is a new perspective,thus it becomes the present study provides the space.At the same time,there is also the reality of business in this has been the phenomenon,with a sound corporate governance structure on the surface of many companies,but in the course of practical operation of,but frequent violations,undermine corporate governance system was originally designed so that the efficiency of corporate governance is affected,the paper this theory is based on research gaps and the reality of this phenomenon exist in the enterprise as a starting point,the degree of compliance of the rights of time sharing system operating efficiency of corporate governance research and dig deeper cause of this difference in the degree of compliance reasons.Based on the above analysis,we use the case study method of double comparison system for the timeshare rights perspective,through data collection and field investigation and analysis,in-depth case internal corporate governance,the state-owned enterprises and private enterprises the right combination of time-sharing operating system the degree of compliance and corporate governance efficiency relations are analyzed,the basic analytical framework constructed timeshare rights system co-operating level regulations on corporate governance efficiency.And reached the following conclusions:First,different companies sharing their rights system the actual operation of the system in the process,there is a big difference in the degree of co-regulation,state-owned enterprises on behalf of the Guangzhou Automobile Group claimed time sharing system relative degree of private enterprise as the representative of the Great Wall Motor Company and low words,whether it is during the period of execution or decision,or from the perspective of the board of directors or managers point of view,the state-owned enterprises as a whole company of Guangzhou Automobile Group,the representative of the relative chaos of governance.This study found that corporate governance structures and systems described only formal presence in China,many enterprises in reality,the specific implementation but many irregularities exist.Second,resulting in different state-owned enterprises and private enterprises the right to make the deep reason time sharing system in the actual operation of the process,the degree of compliance of co-variance is mainly due to differences in the two types of enterprises cultural background,it led to its company structure,corporate governance structure,hierarchy and the concept of monitoring mechanisms,there are great differences in state-owned enterprises on behalf of the Guangzhou Automobile Group,due to the influence of free cultural background,is itself a political party running enterprises,bureaucratic,many leadership management capacity is low,the shape of the corporate system God is not to just build a variety of corporate governance on the surface,the actual operation of the process,is not strictly required to implement,while corporate governance and Deputy Principal longer,even part-time directors and managers phenomenon,relatively strong level of state-owned enterprises concept,subordinate relationship relatively rigid,prone to superiors or subordinates subordinate intervention can not solve unexpected problems,several levels,low efficiency,and because the state is the owner,the lack of real monitoring mechanism,supervision of the government and people can not get good effect,the role of the Board of Supervisors sets itself is not large,inefficient oversight mechanisms easily lead to the occurrence of the board of directors and managers ultra vires acts,undermine corporate governance system is designed,all of these are the result of the Guangzhou Automobile Group timeshare rights the operating system level mainly due to low compliance,but also by state-owned enterprises have a common problem,and private enterprises in relative terms,the existence of such problems there are fewer cases,the degree of co-operation of the system time-sharing rights than the state-owned high compliance.Third,the claim sharing operating system differences in the degree of compliance has led to differences in efficiency of corporate governance.After comparative analysis of two case studies,we found that the rights of co-sharing system operating procedures and high Great Wall Motor Company corporate governance efficiency level higher than the low degree of co-regulation of Guangzhou Automobile Group corporate governance efficiency,regardless of the rate of return on assets from a financial point of view,or non-financial metrics from the customer perspective,internal processes,and learning and development index indicators,Great Wall Motor Co.are slightly better,this conclusion is also the reflection of one of the reasons for inefficient state-owned enterprises compared to private enterprises.